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IIS, John Hancock Form Long-Term Care Partnership

Involves a fixed-benefit provision for either institutional or in-home care for a person who no longer has the ability to operate independently

Insphere Insurance Solutionssm (IIS) has completed a marketing agreement with John Hancock to sell selected long-term care insurance products.

The company claims that the long-term care insurance involves a fixed-benefit provision for either institutional or in-home care for a person who no longer has the ability to operate independently for the basic functions of life.

Phillip Hildebrand, president and CEO, said: “This marketing agreement with Hancock, plus discussions with other leading carriers, are validating our view that there is an important role to be played by an independent, dedicated career agent distribution company targeting small business and the middle-income market.”

In conjunction, IIS has completed a marketing agreement with Minnesota Life Insurance Company for selected life insurance products.

Mr. Hildebrand said: “The addition of Minnesota Life to our portfolio provides additional options for consumers interested in life insurance products.”

Earlier, the company has completed a marketing agreement with ING to distribute the latter’s term life and universal life insurance products.

IIIS had expanded its capabilities in the Utah, Nevada and Arizona markets by recruiting approximately 100 established life agents and contracted with a number of experienced field managers from a company that elected to leave the distribution business.

Mr. Hildebrand said: Because of our size and scale, we expect to be able to offer significant infrastructure and support for field managers and agents, including a unique total compensation structure expected to include an equity component. We also expect to offer best-in-class technology capabilities for lead generation, training, compliance and marketing.”